Full text of H.6 Money Stock Measures : September 23, 1999

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FEDERAL RESERVE stttiStlcaf
H.6 (508)
Table 1

MONEY STOCK AND DEBT MEASURES

For release a t 4:30 p.m. Eastern Time

Billions of dollars

Date

ppsrftRCH L'BRAgy
M11

M22

M33

S e p te m b e r 2 3 ,1 9 9 9

DEBT4

Seasonally adjusted
1997-Sep.
O ct.
Nov.
Dec.

1 064.8
1062 .1
1067.5
1074.9

3981.3
3999.8
4022.8
4046.4

5 2 6 8 .9
5 3 0 5 .7
5 3 5 2 .5
5 4 03 .4

1 4 99 5 .3
1507 1 .9
1514 8 .2
1522 4 .0

1 9 9 8 - J an .
Feb.
Mar .
Apr.
May
June
J u ly
Au g .
Sep.
O ct.
Nov.
Dec •

1073.8
1076.0
1080.6
1082 .1
1 078.2
1 077.8
1075.4
1 072.2
1074.7
1080.4
1089.0
1093.4

4071.1
4100.5
4125.6
4154.5
4173.9
4197.7
4 215.1
4240.6
4284.2
4325.5
4364.0
4401.0

5 4 4 8 .2
5 4 8 3 .1
5 5 4 1 .3
5 5 8 6 .2
5 6 2 7 .9
5 6 7 0 .4
5 6 9 0 .4
5 7 4 6 .4
5 8 0 9 .7
5 8 7 1 .8
5 9 3 6 .9
5 9 9 5 .8

1 5297.0
1 5 387.7
1 5 4 8 7 .1
1 5577.0
1 5 65 7 .6
1574 2 .0
1582 8 .8
1 5 909.9
15985.4
16070.4
1616 4 .2
1624 4 .9

1999-Jan.
Feb.
Mar .
Apr.
May
June
J u ly
Aug. p

1091.0
1092.6

4425.0
4445.6
4455.6
4 488.2
4 505.1
4 520.8
4541.0
4561.9

6 0 1 7 .0
6 0 6 4 .8
6 0 59 .4
6 1 02 .4
6 1 27 .5
6156.1
6 1 8 0 .7
6206.1

1632 7 .6
1 6 413.4
1652 7 .2
1663 1 .0
1 6 701.8
1 6 776.4
1684 7 .2 p

1102.0
1108.4
1 104.7

1101.1
1 099.5

1102.2

Not seasonally adjusted
1997-Sep.
O ct.
Nov.
Dec.

1059.6
1057.6
1 074.1
1097.4

3970.3
3986.3
4025.4
4064.6

5 2 5 1 .1
5 2 94 .0
5 3 5 8 .1
5 4 19 .6

14950.6
15026.6
1512 5 .1
1 5 22 1 .1

1 9 9 8 - Jan.
Feb.
Mar.
Apr.
May
June
J u ly
A ug.
Sep.
O ct.
Nov.
D ec.

1079.9
1066.0
1075.7
1087.4
1 070.5
1074.7
1073 .6
1068 .6
1069.9
1 076.2
1094.3
1115.3

4073.4
4091.7
4143.0
4185.5
4155.0
4 187.8
4208.0
4237 .6
4 2 72 .1
4 310.4
4364.5
4417.8

5 4 52 .4
5 4 84 .9
5 5 70 .7
5 6 15 .9
5 6 1 4 .5
5658.1
5668.1
5 7 3 4 .8
5 7 8 6 .9
5 8 5 6 .8
5 9 4 1 .8
6 0 1 1 .9

1 5 278.8
15353.7
15467.4
15550.9
1561 5 .7
1 5 69 8 .1
1 5 76 8 .8
1585 1 .2
1593 2 .9
1 6 017.5
1613 7 .9
1624 1 .8

1 9 9 9 - Jan .
Feb.
Mar.
Apr.
May
June
Ju ly
Aug. p

1 098.3
1083.4
1097.2
1113.7
1096.7
1098.3
1098.0
1097.4

4428.4
4439.9
4479 .1
4525.7
4484.5
4508.7
4 531.2
4556.3

6 0 2 5 .1
6 0 7 3 .5
6 0 98 .4
6 1 3 9 .5
6 1 1 2 .6
6 1 3 9 .6
6 1 5 1 .5
6 1 8 9 .2

1 6308.9
1637 8 .5
1650 6 .2
1 6 60 0 .6
1665 1 .9
1672 4 .7
1 6 78 1 .6 p

Footnotes appear on the following page
p
preliminary
Components may not add to totals due to rounding.




Page 2
H.6 (508)
Table 2

MONEY STOCK AND DEBT MEASURES
Percent change at seasonally adjusted annual rates
M1

M2

M3

DEBT1

1999

-0 .9

5.0

5 .1

5 .2

6 Months f ro m Fab. 1999 TO Aug. 1999

1.8

5.2

4 .7

6.4

2.8

7 .6

8.0

6.4

-1 .7

4 .9

5.3

3 Months fr o m May

12 Months f r o m Aug.

1999 TO Aug.

1998 TO Aug.

1999

T h i r t a a n weeks e n d i n g Se p te m be r 13 ,
fro m t h i r t e e n weeks e n d i n g :
June 14, 1999 (13 weeks p r e v i o u s )

1.

1999

Mar.

15,

1999

(26 weeks p r e v i o u s )

1.3

5.3

5 .1

Sep.

14,

1998

(52 weeks p r e v i o u s )

2.5

7 .5

8.2

Growth rates for debt are based on periods beginning and ending one month earlier than for the monetary aggregates, namely, April 1999 to July 1999, January 1999 to July 1999,
and July 1998 to July 1999, respectively.______________________________________________________________________________________ _____________

Footnotes to Table 1:
1.

2.

3.

4.

Consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand
deposits at all commercial banks other than those due to depository institutions, the U.S. government, and foreign banks and official institutions, less cash items in the
process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service
(ATS) accounts at depository institutions, credit union share draft accounts and demand deposits at thrift institutions. Seasonally adjusted M1 is calculated by summing
currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately.
Consists of M1 plus savings deposits (including money market deposit accounts), small-denomination time deposits (time deposits— including retail RPs— in amounts of less
than $100,000), and balances in retail money market mutual funds. Excludes individual retirement account (IRA) and Keogh balances at depository institutions and money
market funds. Seasonally adjusted M2 is computed by summing savings deposits, small-denomination time deposits, and retail money fund balances, each seasonally
adjusted separately, and adding this result to seasonally adjusted M1.
Consists of M2 plus large-denomination time deposits (in amounts of $100,000 or more), balances in institutional money funds, RP liabilities (overnight and term) issued by all
depository institutions, and Eurodollars (overnight and term) held by U.S. residents at foreign branches of U.S. banks worldwide and at all banking offices in the United
Kingdom and Canada. Excludes amounts held by depository institutions, the U.S. government, money funds, and foreign banks and official institutions. Seasonally adjusted
M3 is calculated by summing large time deposits, institutional money fund balances, RP liabilities, and Eurodollars, each seasonally adjusted separately, and adding this
result to seasonally adjusted M2.
Debt: The debt aggregate is the outstanding credit market debt of the domestic nonfinancial sectors — the federal sector (U.S. government, not including governmentsponsored enterprises or federally related mortgage pools) and the nonfederal sectors (state and local governments, households and nonprofit organizations, nonfinancial
corporate and nonfarm noncorporate businesses, and farms). Nonfederal debt consists of mortgages, tax-exempt and corporate bonds, consumer credit, bank loans,
commercial paper, and other loans. The data, which are derived from the Federal Reserve Board’s flow of funds accounts, are break-adjusted (that is, discontinuities in the
data have been smoothed into the series) and month-averaged (that is, the data have been derived by averaging adjacent month-end levels). The presentation of the debt
data in this release differ, therefore, from the quarterly flow of funds statistics contained in the Federal Reserve releases Z.7 and Z .1. In those releases, published levels of
credit market debt are measured on a quarter-end basis and contain discontinuities.
Note: Current and historical H.6 data are available each week on the Federal Reserve Board's web site (http://www.federalreserve.gov/). Monthly data are available back to
January 1959, and weekly data are available back to January 1975 for most series. For information about individual copies or subscriptions, contact Publications Services
at the Federal Reserve Board (phone 202-452-3245, fax 202-728-5886). For paid electronic access to current and historical data, call STAT-USA at 1-800-782-8872 or
202-482-1986.




Page 3

H.6 (508)
Table 3

MONEY STOCK MEASURES
Billions of dollars
Seasonally adjusted
M1
Period ending
1999-June 21
28
J u ly

5

12
19
26
Aug.

Sep.

2
9
16
23
30
6p
13p

M2

M3

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

13-week
average

4-week
average

week
average

1105.6
1105.0

1101.6
1100.3

1107.1
1101.9

4499.4
4503.8

4517.3
4520.6

4 532.2
4 527.4

6119.4
6126.8

6148.3
6155.9

6171.1
6171.9

1094.9
1099.9
1096.1

4506.3
4511.8
4515.3
4518.6

4520.2
4526.6
4529.1
4536.2

4 508.2
4538.4
4542.4
4 555.7

6132.6
6140.9
6146.1
6150.3

6159.2
6168.9
6172.3
6177.2

6146.6
6185.9
6184.7
6191.5

1101.3
1106.4
1096.2

4524.1
4527.9
4531.8
4537.0
4541.2

4549.0
4552.2
4555.7
4560.0
4562.2

4 559.5
4551 .2
4556 .3
45 72 .9
4568 .2

6157.2
6163.1
6168.8
6175.0
6181.0

6188.3
6190.2
6194.3
6200.3
6207.4

6191.2
6193.5
6200.8
6215.6
6219.8

1098.3
1092.7

4544.9
4549.3

4564.0
4567.4

4 558.4
4 5 70 .1

6185.9
6 192.1

6208.2
6214.9

6196.6
6227.6

1103.2
1103.4
1102.5
1101.9

1099.3
1098.2
1098.4

1101.3
1101.5
1101.5
1101.7

1102.0

1109.3

1102.7
1104.0
1104.9

1102.6

1100.8

1101.6

1101.0

1100.8

1100.6

1100.7

1098.4

1102.8

Not seasonally adjusted
1999-June 21
28

1103.4
1102.9

1097.8
1095.8

1096.5
1097.9

4505.5
4506.0

4512.4
4509.1

4504.6
4476.2

6128.6
6 130.1

6145.9
6141.6

6132.6
6105.6

4505.2
4505.1
4503.1
4504.5

4510.7
4516.1
4522.0
4530.1

4535.5
4548 .1
4 5 28 .1
4508.7

6130.3
6130.5
6129.1
6131.1

6138.0
6140.3
6144.7
6150.9

6147.9
6175.1
6150.1
6130.6

5

1101.7

1100.2

12

1101.0

1101.4

19
26

1098.6
1097.4

1098.0

1112.7
1098.3
1091.1
1089.8

Aug.

2
9
16
23
30

1097.1
1097.6
1098.0
1098.7
1097.7

1098.3
1098.1
1099.4
1100.7
1095.3

1114.1
1097.4
1096.3
1095.1
1092.5

4509.6
4515.7
4521.9
4528.4
4531.9

4530.5
4536.4
4 546.1
4555.9
4555.3

4536.9
4571.7
4 5 67 .1
4 547.7
4534 .8

6136.3
61 43 .1
6149.7
6155.9
6160.0

6151.7
6158.9
6171.1
6183.4
6189.7

6150.9
6204.0
6198.7
6179.9
6176.2

S ep .

6p
13p

1097.8
1097.5

1094.9
1093.5

1095.8
1090.4

4536.6
4541.6

4559.7
4566 .1

4 589.3
4592 .6

6164.3
61 70 .1

6193.4
6204.0

6218.6
6241.2

Ju ly

1100.0

Note: Special caution should be taken in interpreting week-to-week changes in money supply data, which are highly volatile and subject to revision,
p
preliminary data.
Components may not add to totals due to rounding.



Page 4
H.6 (508)
Table 4

SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency1

Date

00

At commercial banks4

At thrift
institutions5

150.3
146.2
145.9

100.6
100.0
100.0

250.9
246.2
245.9

Total

43 4.2
436.4
439.2

7 .8

8.0

389.2
387.8
384.7

J u ly
Aug.
Sep.

442.3
444.8
449.6

8.5
8.5
8.3

379.3
374.8
374.4

144.2
143.2
141.1

101.2
100.9
101.3

245.3
244.0
242.4

O ct.
N ov .
Dec.

453.3
45 6.5
4 5 9.2

8.3
7 .9
7 .8

374.7
377.0
377.5

141.5
144.0
143.8

102.7
103.6
105.0

244.2
247.6
248.8

1999-J an.
F eb.
Mar.

462.7
46 7.6
47 2.0

7 .8
7 .7
7 .8

371.1
371.8
374.1

145.5
141.5
143.0

103.9
104.0
1 0 5.1

249.5
245.5
248.1

Apr.
May
June

47 6.5
480.9
4 8 4 .1

7 .8
7 .8

374.0
369.4
362.9

144.9
141.3
140.8

10 5.2
10 5.2
1 0 5.1

250.1
246.5
245.9

J u ly
Aug. p

487.3
490.9

8.6

362.6
363.1

136.4
135.2

104.6
104.5

241.0
239.7

360.5
365.8

135.5
136.3

104.2
103.6

239.7
239.9

136.1
134.5
133.4
135.3
137.0

10 5.0
106.4
105.0
103.4
102.5

241.1
241.0
238.4
238.7
239.5

136.0
133.4

104.7
10 4.0

240.7
237.4

Aug.

Sep.

4.
5.

Other checkable deposits

Demand deposits3

1998-Apr.
May
June

Week e n d i n g
1 9 9 9 - J u l y 19
26

1.
2.
3.

Travelers checks2

2

48 7.3
48 8.5

8.2
8.5

8.6
8.7

8.8

9
16
23
30

48 9.3
48 9.6
49 0.5
49 1.6
49 2.3

8.5
8.4

370.1
363.4
363.8
367.5
356.1

6p
13p

4 9 3 .1
493.7

8.3
8.3 e

356.1
353.3

8.7

8.6

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

e
estimated
p
preliminary
Components may not add to totals due to rounding.



Page 5
H.6 (508)
Table 5

SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

At thrift
institutions

19 98 -Ap r.
May
June

1072.2
1078.0
1089.6

J u ly
Aug.
Sep.

Total
Non-M1 M2

Total

At commercial
banks

At thrift
institutions

387.0
394.3
396.3

1459.3
1472.2
1485.9

627.5
626.3
625.7

340.1
339.7
339.5

967.6
966.0
965.2

645.6
657.5
668.8

3072.4
3095.8
3119.9

1106.3
1121.6
1140.2

399.5
400.9
403.6

1505.8
1522.5
1543.7

625.1
627.4
627.7

337.3
332.4
330.9

962.4
959.7
958.7

671.5
6 8 6.1
7 0 7 .1

3139.7
3168.3
3209.5

O ct.
N ov.
Dec.

1155.3
1171.1
1189.8

407.8
411.5
415.2

1563.1
1582.6
1605.0

627.5
628.2
626.0

330.4
327.5
325.9

957.9
955.7
952.0

72 4.2
7 3 6 .8
7 5 0.7

3245.1
3275.1
3307.6

19 99 -Jan.
F eb.
Mar.

1202.3
1207.7
1207.9

420.4
425.4
428.1

1622.7
1633.1
1636.0

622.0
617.9
616.0

324.5
322.8
320.6

946.5
940.7
936.6

7 6 4 .8
7 7 9 .2
7 8 1 .0

3334.0
3353.0
3353.6

Apr.
May
June

1225.7
1233.9
1246.3

431.4
441.1
447.8

1657.1
1675.1
1694.1

614.4
613.5
612.5

319.2
316.7
312.9

933.5
93 0.2
925.4

7 8 9 .1
7 9 5 .1
80 0.3

3379.8
3400.4
3419.8

J u ly
Aug. p

1260.5
1268.5

455.1
456.6

1715.6
1725.1

613.0
614.6

311.7
312.1

924.7
926.7

80 1.3
80 7.9

3441.5
3459.7

1263.1
1264.2

456.6
459.9

1719.7
1724.1

612.9
614.1

311.5
311.5

924.4
925.6

8 0 2.3
80 3.2

3446.4
3452.9

Week e n d i n g
1 9 9 9 - J u l y 19
26

1.
2.

Retail
money
funds

Total

Aug.

2
9
16
23
30

1262.0
1262.3
1265.9
1271.6
1275.8

458.5
451.8
454.8
459.4
461.2

1720.5
1714.1
1720.7
1730.9
1737.0

614.0
613.2
614.1
615.0
616.1

311.8
312.0
311.9
312.1
312.3

925.8
92 5.2
926.0
92 7.1
928.4

8 0 3.8
8 0 9.3
808.4
808.5
80 6.6

3450.1
3448.6
3455.1
3466.5
3471.9

Sep.

6p
13p

1271.7
1282.2

451.5
453.9

1723.2
1736.1

617.2
617.6

312.8
313.1

930.0
930.7

8 0 7.0
81 0.6

3460.2
3477.5

Savings deposits include money market deposit accounts.
Small-denomination time deposits— including retail RPs— are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

p
preliminary
Components may not add to totals due to rounding.



Page 6
H.6 (508)
Table 6

SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Date

Institutional
money funds

Large-denomination time deposits1
At commercial
banks2

At thrift
institutions

RPs3

Eurodollars4

Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1998- A p r •
May
Juno

414.4
426.9
437.7

520.8
527.4
534.9

86.7
85.2
8 5.8

607.4
612.6
620.7

268.0
26 9.1
268.0

141.9
145.4
146.3

1431.7
1453.9
1472.7

3 797.2
3788.0
3788.5

11779.8
11869.6
11953.5

J u ly
Aug.
Sop.

441.9
454.5
46 7.8

527.8
534.6
534.7

85.8
85.6
86.6

613.6
620.2
621.3

270.7
277.6
282.0

149.2
153.5
154.4

1475.3
1505.8
1525.5

3788.4
3787.7
3779.3

12040.4
12122.2
12206.1

O ct.
N ov.
Doc.

486.7
503.8
516.2

533.8
537.5
541.0

87.7
87.9
8 9 .1

621.5
625.4
630.0

282.6
28 9.2
297.8

155.5
154.5
150.7

1546.2
1572.8
1594.8

3767.2
37 58 .9
3 750.8

12303.2
12405.3
12494.2

1 9 9 9 -Jan.
F eb .
Mar.

515.0
529.9
5 2 9.1

546.3
536.4
528.3

91.0
89.9
88.8

637.3
626.3
61 7.1

292.3
309.9
2 9 8.1

147.3
153.1
159.4

1592.0
1619.2
1603.7

3742.7
3 723.7
3723.9

12584.9
12689.7
12803.3

Apr.
May
June

538.4
544.6
54 8.1

534.6
533.5
530.2

89 .1
88.0
87.9

623.6
621.5
618.1

29 0.0
295.6
308.7

162.2
160.6
160.4

1614.2
1622.4
1635.3

3718.6
3702.8
3 703.6

12912.4
12999.1
13072.8

J u ly
Aug. p

546.0
556.4

539.5
535.4

88.7
89.2

628.2
624.6

308.6
310.2

156.8
153.1

1639.7
1644.3

3706 .2 p

13141.0 p

Week endincr
1 9 9 9 -J u l y 19
26

546.3
548.5

544.3
538.1

88.9
88.9

633.2
627.0

306.6
306.3

156.2
154.0

1642.2
1635.8

Aug.

2
9
16
23
30

551.0
551.0
555.7
561.8
559.2

533.5
536.1
537.2
531.2
536.8

88.0
88.8
89.6
89.3
89.4

621.5
624.8
626.8
620.5
626.2

307.0
310.5
311.6
308.9
3 1 1.1

152.2
156.0
150.4
151.5
155.1

1631.8
1642.3
1644.5
1642.7
1651.6

Sep.

6p
13p

55 1.0
559.0

540.1
539.9

89.5
89.8

629.6
629.7

307.0
313.3

150.6
155.4

1638.2
1657.5

1.
2.
3.
4.
5.

Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p
preliminary
Components may not add to totals due to rounding.



Page 7
H.6 (508)
Table 7

NOT SEASONALLY ADJUSTED COMPONENTS OF M1
Billions of dollars
Currency1

Date

Travelers checks2

Other checkable deposits

Demand deposits3
At commercial banks4

4.
5.

Total

1 9 9 8 -A p r.
May
June

433.7
436.1
438.3

7.9
7 .9
8 .0

389.4
381.7
382.8

153.2
145.3
145.6

103.3
9 9.6
100.1

25 6.5
24 4.9
24 5.7

J u ly
Aug.
Sep.

442.7
444.4
448.4

8 .2
8 .2
8 .1

378.9
374.3
372.6

142.8
141.6
140.0

100.9
100.1
100.7

24 3.8
24 1.7
24 0.7

O ct.
N ov .
Dec.

452.6
457.5
464.2

8 .2
8.1
8 .0

373.2
381.7
392.4

140.2
143.5
144.9

102.0
103.5
105.8

24 2.2
2 4 7 .0
250.7

1 9 9 9 -Jan.
F eb .
Mar.

462.5
466.5
471.3

7.9
7 .9
7.9

375.7
364.7
368.9

148.1
141.4
143.5

1 0 4.1
102.8
105.5

2 5 2 .2
2 4 4.2
2 4 9.0

Apr.
May
June

476.0
479.9
483.2

7.9
7.9
8.1

374.1
363.6
361.3

147.6
140.5
140.6

108.1
104.8
105.1

255.7
2 4 5.3
24 5.7

Ju ly
Aug. p

487.8
490.2

8 .3
8 .2

362.6
361.7

135.1
133.8

104.3
103.6

23 9.4
23 7.4

487.0
486.9

8 .3
8 .3

359.0
357.9

133.8
135.0

103.0
101.7

2 3 6.8
2 3 6.7

1 9 99 -J u l y 19
26

1.
2.
3.

At thrift
institutions5

Aug.

2
9
16
23
30

488.1
491.4
490.6
490.0
489.2

8 .3
8 .2
8 .2
8 .2
8.1

375.6
359.2
362.7
361.9
356.9

136.4
132.4
131.1
133.6
136.8

105.7
106.2
103.8
101.4
101.5

2 4 2 .1
2 3 8 .6
2 3 4.9
2 3 5 .0
2 3 8 .3

Sep .

6p
13p

494.0
493.2

8.1
8.1 e

353.9
353.6

134.3
131.8

105.5
103.6

2 3 9 .8
23 5.4

Currency outside U.S. Treasury, Federal Reserve Banks and the vaults of depository institutions.
Outstanding amount of U.S. dollar-denominated travelers checks of nonbank issuers. Travelers checks issued by depository institutions are included in demand deposits.
Demand deposits at commercial banks and foreign-related institutions other than those due to depository institutions, the U.S. government and foreign banks and official
institutions, less cash items in the process of collection and Federal Reserve float.
Consists of NOW and ATS balances at commercial banks, U.S. branches and agencies of foreign banks, and Edge Act corporations.
Consists of NOW and ATS balances at thrifts, credit union share draft balances, and demand deposits at thrifts.

e
estimated
p
preliminary
Components may not add to totals due to rounding.



Page 8

H.6 (508)
Table 8

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M1 M2
Billions of dollars
Small-denomination time deposits2

Savings deposits1
Date

At commercial
banks

Total

At commercial
banks

At thrift
institutions

Total

Retail
money
funds

Total
Non-M1 M2

1998- A p r •
May
June

1084.6
1078.4
1092.7

391.5
394.4
397.4

1476.2
1472.8
1490.1

627.7
625.4
624.8

340.3
339.2
339.0

968.0
964.6
963.8

653.9
64 7.1
659.1

3098.1
3084.5
3113.1

J u ly
Aug.
Sep.

1107.5
1121.5
1134.8

399.9
400.8
401.7

1507.4
1522.3
1536.5

625.1
627.0
627.3

337.3
332.2
330.7

962.3
95 9.1
958.0

664.7
687.5
707.7

3134.4
3169.0
3202.2

O ct.
N ov.
Dec.

1147.6
1167.9
1186.8

405.1
410.3
414.1

1552.6
1578.2
1600.9

628.1
628.4
625.4

330.7
327.6
325.6

958.7
956.0
951.0

72 2.8
7 3 6 .0
7 5 0 .6

3234.1
3270.2
3302.5

1 9 99 -Jan.
Feb .
Mar.

1197.3
1203.8
1217.6

418.6
424.1
431.5

1616.0
1627.9
1649.1

622.7
619.3
616.8

324.9
323.5
321.1

947.5
942.8
937.9

7 6 6 .6
7 8 5.8
7 9 4 .9

3330.0
3356.5
3381.9

Apr.
May
June

1241.5
1235.2
1249.8

437.0
441.6
449.1

1678.5
1676.8
1698.9

614.5
612.3
611.1

319.3
316.0
312.2

933.8
928.3
923.3

79 9.7
78 2.7
7 8 8 .2

3412.0
3387.8
3410.4

J u ly
Aug. p

1261.4
1267.7

455.4
456.3

1716.8
1724.0

612.8
614.2

311.6
311.9

924.4
9 2 6.1

7 9 2 .1
808.8

3433.2
3458.8

1262.4
1245.1

456.4
452.9

1718.8
1697.9

612.8
613.8

311.4
311.4

924.2
92 5.2

7 9 4.0
7 9 5 .8

3437.0
3418.9

Week e n d in a
19 99 -J u l y 19
26

1.
2.

At thrift
institutions

Aug.

2
9
16
23
30

1249.6
1283.0
1276.5
1259.8
1252.0

454.0
459.2
458.6
455.1
452.6

1703.6
1742.2
1735.1
1714.9
1704.6

613.6
613.0
613.8
614.5
615.5

311.6
311.9
311.7
311.8
312.0

925.3
924.9
925.5
926.4
927.4

7 9 4 .0
807.2
81 0.2
811.3
810.2

3422.8
3474.3
3470.7
3452.6
3442.2

Sep.

6p
13p

1293.3
1295.9

459.1
458.8

1752.4
1754.7

616.8
617.2

312.5
312.8

929.3
930.0

811.7
817.5

3493.4
3502.2

Savings deposits include money market deposit accounts.
Small-denomination time deposits— including retail RPs— are those issued in amounts of less than $100,000. All IRA and Keogh account balances at commercial banks and
thrifts are subtracted from small time deposits.

p
preliminary
Components may not add to totals due to rounding.



Page 9
H.6 (508)
Table g

NOT SEASONALLY ADJUSTED COMPONENTS OF NON-M2 M3 AND DEBT
Billions of dollars
Date

Institutional
money funds

Large-denomination time deposits1

RPs3
Eurodollars4

At commercial
banks2

At thrift
institutions

Total

At commercial
banks

At thrift
institutions

Total

Total
Non-M2 M3

Debt components5
Federal

Non-Federal

1998- A p r •
May
June

412.7
421.0
431.7

520.8
532.6
539.4

86.6
86.1
86.5

607.4
618.7
625.9

224.1
228.1
219.2

4 6.0
46.9
49.6

270.1
27 5.1
268.8

140.2
144.7
143.9

1430.4
1459.4
1470.3

3800.5
3765.9
3755.3

11750.5
11849.9
11942.8

Ju ly
Aug.
Sep.

432.6
448.4
458.8

527.6
534.9
535.1

85.8
85.6
86.7

613.4
620.6
621.9

219.4
226.9
230.5

49 .0
49.3
50.5

268.4
276.2
281.1

145.8
152.0
1 5 3.1

1460.1
1497.2
1514.8

3740.8
3749.6
3743.4

12028.0
12101.6
12189.5

O ct.
N ov .
Dec.

482.9
504.9
523.3

537.2
539.6
537.4

88.2
88.3
88.5

625.4
627.9
625.8

233.7
241.4
239.1

4 8 .1
48.3
51.4

281.8
289.7
290.5

156.2
154.9
154.5

1546.4
1577.3
1594.1

3727.8
3746.6
3754.9

12289.7
12391.3
12486.8

1 9 9 9 -Jan.
F eb .
Mar.

529.3
547.3
537.9

532.5
531.8
532.8

88.8
89.1
89.5

621.3
620.9
622.3

241.3
253.9
241.6

52.4
55.6
59.1

293.7
309.5
300.7

152.4
155.9
158.4

1596.7
1633.6
1619.3

3736.6
3721.8
3741.2

12572.3
12656.6
12765.0

Apr.
May
June

536.7
538.3
540.6

535.3
539.3
535.7

89.2
89.0
88.8

624.5
628.3
624.5

232.3
239.4
243.2

60.4
62.7
65.3

292.7
302.1
308.6

159.9
159.5
157.3

1613.8
1628.2
1630.9

3717.1
3674.2
3662.8

12883.5
12977.7
13061.9

J u ly
Aug. p

533.4
548.0

539.3
535.6

88.7
89.2

627.9
624.9

237.9
238.2

68.0
7 0.2

305.9
308.4

1 5 3 .1
151.8

1620.3
1633.0

3652.3 p

13129.3 p

Week e n d in a
1 9 99 -J u l y 19
26

533.1
537.3

544.5
539.6

89.0
89.1

633.4
628.7

235.6
236.8

68.1
68.0

303.7
304.8

151.8
15 1.0

1622.0
1621.9

Aug.

2
9
16
23
30

534.6
542.6
547.7
555.6
550.4

535.7
538.1
536.2
531.4
535.9

88.4
89.1
89.4
89.4
89.3

624.1
627.2
625.6
620.7
625.2

237.1
240.4
240.1
234.7
238.6

68.6
69.5
70.4
70 .3
70 .6

305.7
309.8
310.5
305.0
309.3

14 9.6
15 2.6
147.8
150.9
156.6

1614.0
1632.2
1631.6
1632.2
1641.4

Sep.

6P
13p

543.8
551.2

540.2
540.9

89.5
90.0

629.7
631.0

233.3
239.2

72.7
73.4

305.9
312.6

149.9
153.9

1629.3
1648.6

1.
2.
3.
4.
5.

Large-denomination time deposits are those issued in amounts of $100,000 or more, excluding those booked at international banking facilities.
Large-denomination time deposits at commercial banks less those held by money market mutual funds, depository institutions, U.S. government, and foreign banks and
official institutions.
Overnight and term RPs of $100,000 or more issued by depository institutions, excluding those held by depository institutions and by money funds.
Overnight and term Eurodollars issued to U.S. addressees by foreign branches of U.S. banks worldwide and by all banking offices in the United Kingdom and Canada,
excluding those held by depository institutions and by money funds.
Debt data are on a monthly average basis, derived by averaging adjacent end-of-month levels, and have been adjusted to remove discontinuities.

p
preliminary
Components may not add to totals due to rounding.



Page 10
H.6 (508)
Table 10

MEMORANDUM ITEMS
Billions of dollars, not seasonally adjusted
Demand deposits
at banks due to
Date

Foreign
commercial
banks

Foreign
official
institutions

Time and
savings
deposits
due to
foreign
banks and
official
institutions

U.S. government deposits
Demand
deposits at
commercial
banks

Balance
at
Federal
Reserve

Note
balances at
depository
institutions1

IRA and Keogh Accounts

Total
cash
balance

Time and
savings
deposits at
commercial
banks

At
commercial
banks

At
thrift
institutions

At
money
market
funds

Total

9.9

1.5

1.8
2.0

18.3
17.3
16.3

4.6
1.5
2.7

9.7
5.5
10.4

24.0
43.3
32.7

38.3
50.3
45.8

3.0
3 .1
3.2

151.4
151.2
151.0

100.1

10.0
10.0

99.0
98.0

99.4
100.5
101.5

350.9
350.7
350.5

J u ly
Aug.
Sep.

10.0

2.1
2.1
2.0

15.6
15.4
15.2

1.3
1.4
2.7

5.4
5 .1
6.3

42.6
11.9
20.4

49.4
18.4
29.4

3.3
3.4
3.5

151.0
151.2
151.4

97.5
98.0
98.4

103.7
107.3
110.9

352.2
356.5
360.7

O ct.
Nov.
Dec.

9.4
9.2
8.9

2.1

15.4
16.1
16.9

1.4
1.3
1.7

5.4
5 .1
5.9

19.3
18.7
24.4

26.1
25.1
32.0

3.7
4.1
4 .5

151.5
151.5
151.5

98.4
97.9
97.4

113.6
115.5
117.3

363.6
364.8
366.1

1 9 99 -Jan .
F eb .
Mar.

8.8

1.8
1.8

2.9
1.4
1.5

6.6
4 .8
5.5

30.8
6.9

1.7

18.2
18.6
19.1

12.1

40.2
13.0
19.1

4.6
4.3
4.0

151.5
151.6
151.7

97.0
96.8
96.5

119.2
120.9
122.7

367.6
369.3
370.9

Apr.
May
June

8.5
8.3

19.1
18.6
18.1

4.6
1.5

8.0

1.6
1.6
1.6

2.6

6.4
5.4
5.9

16.5
28.4
24.0

27.5
35.3
32.5

3.9
4.0
4.0

151.6
151.3
151.1

96.6
97.0
97.3

124.4
126.1
127.8

372.6
374.4
376.2

J u ly
Aug. p

7 .9
7 .9

1.6
1.6

17.9
17.9

1.3
1.3

5.2
5 .1

27.2
9.2

33.7
15.5

4 .1
4 .1

150.9 a
150.7 e

97.6 e
97.7 e

129.4 a
131.1 a

377.9 a
379.5 a

W a a k .e n d la g
19 99 -J u l y 19
26

1.6
1.1

5.2
4 .9

26.9
34.5

33.6
40.5

Aug.

2
9
16
23
30

1.3
1.2
1.5
1.2
1.1

5 .1
5 .1
5 .1
4 .8
5 .1

34.5
4 .1
7.4
6.6
9.7

40.8
10.4
14.1
12.6
15.9

Sap.

6p
13p

1.3
2.2

5.6
4 .5

13.9
5.8

20.8
12.5

1998- A p r .
May
June

9.8
9.6

8.7
8.7

1.9
1.9

1. Source: Daily Treasury statement,
e
estimated
p
preliminary
Components may not add to totals due to rounding.